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Genting purchases Equanimity

KUALA LUMPUR: Genting Malaysia Bhd has confirmed it is purchasing Jho Low’s seized Equanimity worth US$126 million. However the casino operator is keeping quiet on what exactly it will do with the superyacht.

Genting Malaysia, in its filing to Bursa Malaysia yesterday, offered little on how it plans to optimise the superyacht. Genting Malaysia shares rose 3.47 per cent or 11 sen to RM3.28 with 5.59 million units traded yesterday.

The group said the acquisition would allow it to differentiate itself from its competitors and provide a unique and competitive edge for its premium customers business.

Genting Malaysia operates Resorts World Birmingham in the UK, Resorts World Casino New York City and Resorts World Bimini in the Caribbean island, all of which are located near international waters.

Analyst Nazarry Rosli said Genting Malaysia might be using Equanimity for premium cruise business.

Meanwhile, RHB Research senior research analyst Lee Meng Horng said Putrajaya had arrived at a fair deal to let the vessel go at the price. He said the government was losing money through maintenance and depreciation while not generating any revenue.

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